GURZUM: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GURZUM
Largest movements
- Receivables within one year +€12,108
up €12,108 (+44.3%), from €27,357 to €39,465
of which Trade receivables: +€13,184
- Cash -€3,442
down €3,442 (-67.7%), from €5,087 to €1,646
mainly Receivables within one year (-€12,108) and Tax, wage and social debts (-€3,459)
- Profit (loss) carried forward +€7,920
up €7,920 (+44.4%), from €17,848 to €25,768
- Trade debts +€3,995
new in 2025: €3,995
- Tax, wage and social debts -€3,459
down €3,459 (-69.9%), from €4,950 to €1,492
- Gross operating margin +€11,193
up €11,193, from -€1,064 to €10,129
- Taxes +€1,492
new in 2025: €1,492
- Other operating charges -€372
down €372 (-48.2%), from €772 to €400
- Depreciation +€145
up €145 (+221%), from €65 to €210
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,798 | €41,255 | +€8,457 | +25.8% |
| Fixed assets | 21/28 | €355 | €145 | -€210 | -59.2% |
| Tangible fixed assets | 22/27 | €355 | €145 | -€210 | -59.2% |
| Furniture and vehicles | 24 | €355 | €145 | -€210 | -59.2% |
| Current assets | 29/58 | €32,444 | €41,111 | +€8,667 | +26.7% |
| Amounts receivable within one year | 40/41 | €27,357 | €39,465 | +€12,108 | +44.3% |
| Trade receivables | 40 | €833 | €14,017 | +€13,184 | +1,583% |
| Other amounts receivable | 41 | €26,524 | €25,448 | -€1,076 | -4.1% |
| Cash at bank and in hand | 54/58 | €5,087 | €1,646 | -€3,442 | -67.7% |
| Total equity and liabilities | 10/49 | €32,798 | €41,255 | +€8,457 | +25.8% |
| Equity | 10/15 | €27,848 | €35,768 | +€7,920 | +28.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,848 | €25,768 | +€7,920 | +44.4% |
| Amounts payable | 17/49 | €4,950 | €5,487 | +€536 | +10.8% |
| Amounts payable within one year | 42/48 | €4,950 | €5,487 | +€536 | +10.8% |
| Trade debts | 44 | - | €3,995 | +€3,995 | |
| Suppliers | 440/4 | - | €3,995 | +€3,995 | |
| Taxes, remuneration and social security | 45 | €4,950 | €1,492 | -€3,459 | -69.9% |
| Taxes | 450/3 | €4,950 | €1,492 | -€3,459 | -69.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65 | €210 | +€145 | +221% |
| Other operating charges | 640/8 | €772 | €400 | -€372 | -48.2% |
| Gross operating margin | 9900 | -€1,064 | €10,129 | +€11,193 | |
| Operating profit (loss) | 9901 | -€1,901 | €9,519 | +€11,421 | |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €52 | €113 | +€61 | +117% |
| Recurring financial charges | 65 | €52 | €113 | +€61 | +117% |
| Profit (loss) for the period before taxes | 9903 | -€1,953 | €9,412 | +€11,365 | |
| Income taxes | 67/77 | - | €1,492 | +€1,492 | |
| Profit (loss) for the period | 9904 | -€1,953 | €7,920 | +€9,874 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,953 | €7,920 | +€9,874 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.